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金通灵(300091):以核心设备优势切入生物质气化发电领域

國元證券 ·  Feb 7, 2018 00:00  · Researches

Incident: On the evening of February 5, the company issued the “Notice on Signing a Framework Agreement on Agricultural Environmental Protection Industrial Park Project Cooperation”. On February 3, the company (Party B) and the People's Government of Anda City in Heilongjiang Province (Party A) signed the “Anda Agricultural Environmental Protection Industrial Park Project Cooperation Framework Agreement” in Beijing. In accordance with the country's requirements for energy saving, emission reduction and development of a circular economy, after full negotiations, and based on the principles of friendly cooperation and complementary advantages, Party A agreed that Party B would make comprehensive use of biomass resources such as agricultural straw, forestry waste, livestock and poultry manure, rural sewage, household waste, etc. in Anda City, and make comprehensive use of heat energy, ash, etc. generated during the production process to achieve the purpose of resource recycling. Party A agreed that Party B or Party B consortium members invest in the construction of the “Agricultural Environmental Protection Industrial Park in Anda City, Heilongjiang Province” project. Conclusion: The signing of this agreement shows that the company's biomass gasification, purification, high-efficiency steam turbine power generation technology and agricultural environmental protection industrial park business model have been recognized by the market, demonstrating the company's technological innovation advantages and integrated service capabilities. The agreement is a framework agreement and will not have a significant impact on the company's 2018 performance. The company has outstanding advantages in cutting into the field of biomass gasification power generation with core power generation equipment. The Gaoyou Linyuan project is mature, and the agricultural environmental protection industrial park model is in line with the country's rural revitalization strategy. It can not only solve the problem of turning waste into treasure in rural areas, such as straw and farm manure, but also solve farmers' employment problems. We are optimistic about the future development of the company and will not give a rating yet. Text: 1. Ada City is rich in biological resources and has a foundation for biomass gasification power generation. Anda City is a county-level city under the jurisdiction of Heilongjiang Province. It is a famous dairy town and beef cattle base in China, and a world-famous dairy belt. The grassland covers an area of 2.72 million mu and produces 200 million kilograms of high-quality forage per year. It is one of the top three high-quality grasslands in the world. The grassland vegetation is dominated by sheep grass famous in China and abroad. It is a plant species unique to eastern Asia. It is known as the “hometown of dairy cows in China”, is rich in biomass resources, and has the basic conditions for developing an agricultural environmental protection industrial park. 2. Whole-owned company construction and independent operation. The scale of the Agricultural Environmental Protection Industrial Park in Adachi City: Designed according to the total amount of farmland and the total amount of livestock and poultry farming. The land use is about 500-600 mu, the total investment is about 800 million yuan, the total scale is 60-80 MW, the steam can be used for 250 t/h, and the radiation radius is 150 km. Assist county governments to solve problems such as organic biological waste - straw, forestry waste, rural waste, livestock and poultry manure, urban sludge, rural sewage, etc. The main products of the industrial park are grid-connected power generation, steam, heating, cold source water through air conditioning, high-pressure air, biomass tar, biocarbon compound fertilizer, construction materials, and sewage treatment. 3. The actual controller of the company will increase its shareholding of the company by no less than 50 million yuan over the next six months. The company announced that within 6 months from February 2, 2018, the company's controlling shareholders and actual controllers Ji Wei and Ji Weidong had accumulated a total increase in holdings of no less than RMB 50 million. Currently, Ji Wei and Ji Weidong hold 193,296,900 shares of the company, accounting for 34.79% of the company's total share capital of 555,598,900 shares. The controlling shareholders increased their holdings, demonstrating their confidence in the future development of the company.

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